Developer and builder, Ryan Companies, along with joint venture partner University Realty LLC, announced today the sale of 777 Tower at Novus Innovation Corridor to a joint venture between Ascentris, a national real estate private equity firm based in Denver, and Cypress Office Properties. The official sale closed on December 24th.
777 Tower, completed in July 2020, features 160,000 square feet of state-of-the-art office space and 8,000 square feet of retail space, presenting office tenants with several unique prospects not offered in other geographic locations. The property is currently 83 percent leased to ASU and Infosys, a global digital services and consulting firm projected to add 1,000 jobs in Arizona by 2023.
“We approach our projects with the end-users in mind. It’s about the value it brings to the people who use it and the surrounding community,” said John Strittmatter, Southwest chairman at Ryan. “Ascentris and Cypress will no doubt take 777 Tower to the next level.”
The complex transaction was executed by Mindy Korth at Colliers International in Arizona.
The building is a part of Novus Innovation Corridor – a mixed-use development located adjacent to Arizona State University’s Tempe campus that will ultimately include more than 10 million square feet of mixed-use projects within a live-work-play, master-planned neighborhood framework that includes pedestrian thoroughfares, street-level retail and outdoor gathering spaces.
The building’s proximity to Arizona State University’s Tempe campus and inclusion within the Novus Innovation Corridor allows businesses to foster academic-corporate partnerships through access to the University’s world-class faculty, student talent, and research and development programs. ASU is the no. 1 university for innovation in the country according to US News and World Report, through internships, research, job training programs and other partnerships.
“777 Tower at Novus complements Ascentris’ current investment strategy of targeting high-quality, well-located office buildings within specific growth corridors across the United States,” said Jeffrey Stonger, managing director of Ascentris. “We are excited to establish a long-term partnership with Arizona State University and together capitalize on its industry-leading public-private development of the Novus Innovation Corridor.”
Ascentris acquired 777 Tower at Novus Innovation Corridor in partnership with San Diego-based Cypress Office Properties, LLC. The partnership intends to implement new marketing initiatives and lease the remaining 28,000 square foot full top-floor vacancy.
For more information about leasing office space at 777 Tower, contact John Bonnell and Ryan Timpani at JLL by calling 480-282-6300. For more information about leasing retail space, contact Teale Bloom at Phoenix Commercial Advisors by calling 602-288-3476.
